An Equated Monthly Installment (EMI) is a fixed amount paid by a borrower to a lender at a specified date each month. EMIs are used for home loans, car loans, and personal loans. For a home loan, the EMI payment typically consists of both the principal amount borrowed and the interest accrued over the loan tenure.
Calculating your EMI beforehand is crucial for financial planning. It helps you understand the monthly outflow and assess your repayment capacity. Our Home Loan EMI Calculator simplifies this process, providing an accurate estimate based on the loan amount, interest rate, and tenure.
How is EMI Calculated?
The formula used to calculate EMI is derived from the annuity formula. It considers the principal loan amount (P), the monthly interest rate (r), and the total number of monthly installments (n).
Affordability Check: Determines if the loan is financially manageable.
Comparison Tool: Allows comparing different loan offers with varying amounts, rates, and tenures.
Loan Optimization: Shows how changing tenure or interest rate impacts your EMI.
Use our calculator to explore various scenarios and make informed decisions about your home loan.
function calculateEMI() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var tenureYears = parseFloat(document.getElementById("loanTenure").value);
var resultDiv = document.getElementById("monthlyEMI");
if (isNaN(principal) || isNaN(annualRate) || isNaN(tenureYears) || principal <= 0 || annualRate <= 0 || tenureYears <= 0) {
resultDiv.innerText = "Invalid input";
return;
}
var monthlyRate = annualRate / 12 / 100;
var tenureMonths = tenureYears * 12;
var numerator = principal * monthlyRate * Math.pow((1 + monthlyRate), tenureMonths);
var denominator = Math.pow((1 + monthlyRate), tenureMonths) – 1;
if (denominator === 0) {
resultDiv.innerText = "Cannot calculate";
return;
}
var emi = numerator / denominator;
resultDiv.innerText = "₹ " + emi.toFixed(2);
}
// Optional: Initialize values on load or add event listeners for range sliders
document.addEventListener('DOMContentLoaded', function() {
// If you were using sliders, you'd add logic here to update text inputs
// and call calculateEMI() on load.
// For this example, we rely on the button click.
// You might also want to call calculateEMI() on input changes for real-time updates.
var inputs = document.querySelectorAll('.loan-calc-container input');
inputs.forEach(function(input) {
input.addEventListener('input', function() {
calculateEMI();
});
});
calculateEMI(); // Calculate initial value on page load
});